To this end, we are developing content and data for our brands for our distributors and online models in the same manner.

to this end we are developing content and data for our brands for our distributors and online models in the same manner


Next, I would like to provide an update on the progress made around the potential sale of our American Roads assets.

next i would like to provide an update on the progress made around the potential sale of our american roads assets


and wholesale inventory changes did not have a significant impact on our operating companies in the quarter.


You can see the store network that we have, very, very solid. You know that we have a tiny handful

you can see the star network that we have very very solid you know that we have a tiny handful


that we're not comfortable talking about, frankly, in front of the rest of our industry. But what I would say is

that we're not comfortable talking about frankly in front of the rest of our industry but what i would say is


that they will follow with compute nodes and they will expand with them -- we will expand with them

that they will follow with compute nodes and they will expand with them we will expand with them


In closing, we at Marlin are looking forward to achieving the objectives that we have laid out for you on the past 2 earnings calls.

in closing we at marlin are looking forward to achieving the objectives that we have laid out for you on the past 2 earnings calls


But this is a position that's neutral from the point of view of the net result.

but this is a position that's neutral from the point of view of the net result


She's been in place for a long time. Whenever you have a senior leadership shift like that, there's always risk for some level of disruption.

she's been in place for a long time whenever you have a senior leadership shift like that there's always risk for some level of disruption


I just can't wait on the cementless side to get to full launch because the response associated with that product so far is extremely positive.

i just can't wait on the cementless side to get the full launch because the response associated with that product so far is extremely positive


that I think maybe some folks did not fully bake into their numbers out there on your side of the isle when they were looking forward from an expense run.

that i think maybe some folks did not fully bake into their numbers out there on your side of the aisle when they were looking forward from an expense run


They took big ideas and translated them into tangible products and services that have served clients and investors well over the decades.

they took big ideas and translated them into tangible products and services that have served clients and investors well over the decades


And while we expect the venture to contribute modestly to earnings, the tempered outlook now warrants the accounting impairment.

and while we expect the venture to contribute modestly to earnings the tempered outlook now warrants the accounting impairment


our active approach leaves us well positioned for the growing demand for new active solutions, which according

our active approach leaves us well positioned for the growing demand for new active solutions which according


The Delaware Basin is setting up to be our fastest growing asset for a second year in a row after almost doubling crude oil production last year.

the delaware basin is setting up to be our fastest growing asset for a second year in a row after almost doubling crude oil production last year


Sales commission growth was mostly driven by variable annuities, along with increases in mutual fund, equity and fixed income.

sales commission growth was mostly driven by variable annuities along with increases in mutual fund equity and fixed income


And for the first time, we received the top ranking in every functional category, including

and for the first time we received the top ranking in every functional category including


We expect to close the merger in August of this year, with the FMC transaction closing in the fourth quarter.

we expect to close the merger in august of this year with the fmc transaction closing in the fourth quarter


And in terms of the diagnosis of the problem, and the manifestation of the problem

and in terms of the diagnosis of the problem and the manifestation of the problem


Pricing has definitely gotten very competitive. We're certainly seeing an enormous amount of opportunities,

pricing has definitely gotten very competitive we're certainly seeing an enormous amount of opportunities


fitting what we believe should be the norm. So that still gives us a certain point of concern.

hitting what we believe should be the norm so that still gives us a certain point of concern


There has been some movement. What we're really trying to do is open a dialogue again with Shoppers

there has been some movement what we're really trying to do is open a dialogue again with shoppers


I can tell you, I've probably spent more time working on this legislation than any banker in America.

i can tell you i probably spent more time working on this legislation than any banker in america


We currently have more than 2 dozen similar distribution deals in the pipeline at various stages of negotiation.

we currently have more than 2 dozen similar distribution deals in the pipeline at various stages of negotiation


those of you who followed us will recognize this story. We'll get to more of this when we talk about the business

for those of you who followed us will recognize this story we'll get to more of this when we talk about the business


All right, thank you very much everybody. And again, thank you for taking the time out to meet with us here on

all right thank you very much everybody and again thank you for taking the time out to meet with us here on a


Please see Page 6. Next, I'll explain some themes related to our new corporate strategy.

please see page 6 next i'll explain some themes related to our new corporate strategy


when the ramp of these products, especially of new products and new customers, it's pretty difficult to time correctly.

when the ramp of these products especially of new products at new customers it's pretty difficult to time correctly


that we can now leverage that model as we expand geographically, as we expand with

that we can now leverage that model as we expand geographically as we expand with


you didn't think you would have a meaningful impact on your companies. Can you give us some more background on that assessment?

you didn't think it would have a meaningful impact on your companies can you give us some more background on that assessment


represents the future of our competitiveness, so we will be prepared to invest more.

represents the future of our competitiveness so we will be prepared to invest more


Where do you think you are versus where you set out to be and what are the sort of pluses and minuses over those 3 years?

where do you think you are versus where you set out to be and what are sort of the pluses and minuses over those 3 years


I hope this overview provides you with a sound idea as to why we view the outlook so favorably and exciting.

i hope this overview provides you with a sound idea as to why we view the outlook so favorably and exciting


This strong growth continues to be driven by equipment and installation project activity in Korea and China.

this strong growth continues to be driven by equipment and installation project activity in korea and china


Average margins were lower than the prior-year quarter, primarily due to weaker wholesale propane supply market fundamentals.

average margins were lower than the prior year quarter primarily due to weaker wholesale propane supply market fundamentals


they have a list that is -- I never even thought of a lot of the people on that list.

they have a list that is -- i never even thought of a lot of the people on that list


I think the bigger picture point on SKUs, SKU reduction, is really about allowing us to focus on the Power Brands

i think the bigger picture point on skus -- sku reduction is really about allowing us to focus on the power brands


the margin expectations for the 12 basis points that we'll lose in the calculation based on a lower tax rate.

the margin expectations for the 12 basis points that we'll lose in the calculation based on the lower tax rate


bouncing back from a difficult summer of 2016. In addition, our baggage performance continues to be a focus for our team.

balancing back from a difficult summer of 2016 in addition our baggage performance continues to be a focus for our team


We're not only equity. We're not only debt. We've got to train people to get a unique skill set. So the seasoning of that staff that we have today

we're not only equity we're not only debt we've got to train people to get a unique skill set so the seasoning of that staff that we have today


into the investment or redistribution of capital decision was the blackout period.


And third, continued business growth in our International Insurance business on a constant-currency basis.

and third continued business growth in our international insurance business on a constant currency basis


there's 2 major drivers that we are looking at for growth organically.


Looking ahead, we continue to see opportunities to capitalize on the rising innovation in highly engineered, high-performance materials.

looking ahead we continue to see opportunities to capitalize on the rising innovation in highly engineered high-performance materials


We are optimistic that execution of our sales strategies for both the sterile and non-sterile markets

we are optimistic that execution of our sales strategies for both the sterile and nonsterile markets


taking the majority of net flows in its category over the last four years. Moving on to insurance,

taking the majority of net flows in its category over the last 4 years moving on to insurance


First, given the transition the company is making, it is important that we maintain a low-risk approach to the balance sheet.

first given the transition the company is making it is important that we maintain a low-risk approach to the balance sheet


It's a huge opportunity. We suggest, in all seriousness, an addressable market of more than 1 billion people in modern medical systems worldwide.

it's a huge opportunity we suggest in all seriousness an addressable market of more than 1 billion people in modern medical systems worldwide


what would be this May, we'll be having our annual meeting where we bring all of our stations together

what will be this may we'll be having our annual meeting where we bring all of our stations together


in recovery factors there. That's very encouraging for us, because we do have a facility that was

in recovery factors there that's very encouraging for us because we do have a facility that was


We're addressing this head-on by taking aggressive action to reduce complexity, risk and costs.

we're addressing this head-on by taking aggressive action to reduce complexity risk and cost


As a terrific example of the new thinking about the business, this morning we're excited to announce a major new

as a terrific example of the new thinking about the business this morning we're excited to announce a major new


That was the investment we made in January and we have seen no significant reason to change our view.

that was the investment we made in january and we have seen no significant reason to change our view


We are the leader in the luxury drinks category in Mexico with an almost 50% share.

we are the leader in the luxury drinks category in mexico with an almost 50% share


The company will also discuss non-GAAP financial measures in an effort to provide additional information to investors.

the company will also discuss certain non-gaap financial measures in an effort to provide additional information to investors


and in our employees to ensure that they have the right skills and talents to deliver for our customers whose business is changing radically.


You have a revenue requirement that you're recovering over the units. And what you see with our forecast for next year is volume is going up.

you have a revenue requirement that you're recovering over the units and what you see with our forecast for next year is volume is going up


These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements.

these forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements


Thank you. Good afternoon, and thank you all for joining us. On the call today from the Arbutus management team

thank you good afternoon and thank you all for joining us on the call today from the arbutus management team


You heard in our comments today that a separation of our efforts on the adult side

you heard in our comments today that a separation of our efforts on the adult side


groups thinking that they work for a subsidiary of NeuLion, that they're not part of the core of our business.

groups thinking that they work for a subsidiary of new iron that they're not part of the core of our business


Importantly, these clinical guidelines have been endorsed by the American Academy of Physical Medicine and Rehabilitation,

importantly these clinical guidelines have been endorsed by the american academy of physical medicine and rehabilitation


up. So the answer is the latter. We're making strides with the plans in

so the answer is the latter we're making strides with the plans in


deep integrations that we've undertaken that allow us to create very smart and sustainable

deep integration that we have undertaken that allow us to create a very smart and sustainable


as well as life sciences end markets to once again drive top line growth in our Diversified Products business.

as well as life sciences end markets to once again drive top line growth in our diversified products business


committed productivity improvements that we provide to our clients. Obviously, the type of services and solutions that we provide

committed productivity improvements that we provide to our clients obviously the type of services and solutions that we provide


Fred will start with the highlights, Hudson will review more detail on operations, and Tom will go over the financials.

fred will start with the highlights hudson will review more detail on operations and tom will go over the financials


That demand is up significantly this year, and we expect it to continue to grow over the next 2 or 3 years.

that demand is up significantly this year and we expect it to continue to grow over the next 2 or 3 years


Before I close, I know many of you would like an update on the potential transaction with Hershey.

before i close i know many of you would like an update on the potential transaction with hershey


So just a few more slides on the financial aspect and then as Jim mentioned, we'll get into the more details around the businesses themselves.

so just a few more slides on the financial aspect and then as jim mentioned we'll get into the more details on the businesses themselves


that ends up in the portfolio that tend to be more the exception than the rule, but an acceptable exception, if you will, based on

that ends up in the portfolio they tend to be more the exception than the rule but an acceptable exception if you will based on


the past successful companies in our space who show that you can be very successful with those activities with a relatively modest


And we are also implementing a customer excellence process. And we are working to change the manner of how we use the concept

and we are also implementing a customer excellence process and we are working to change the manner of how we use the concept


So we think the mix impact on that book is improving the whole time. I do think there are some factors,

so we think that the mix impact on that book is improving the whole time i do think there are some factors


we are not at a decision point right now for what the next tranche of processing capacity needs to look like in Oklahoma.

we are not at a decision point right now for what the next tranche of processing capacity needs to look like in oklahoma


leverage relationships across State Street and fill in offerings as we take advantage of the shift from products to solutions.

leverage relationships across state street and fill in offerings as we take advantage of the shift from products to solutions


accounted for 6 percentage points of the increase. Modestly higher selling prices contributed the remainder of the increase.

accounted for 6 percentage points of the increase modestly higher selling prices contributed the remainder of the increase


but is now largely pushed out to the March quarter. Of course, that is not unique to us and this delay is impacting the whole supply chain.

but is now largely pushed out to the march quarter of course that is not unique to us and this delay is impacting the whole supply chain


there's a lot more opportunity in the middle-market space and we just need to build in our staff levels to the

there's a lot more opportunity in the middle market space and we just need to build in our staff levels to the


And then moving to Florida, you have a lower price point in terms of home sales and the profit margin is less.

and then moving to florida you have a lower price point in terms of home sales and the profit margin is less


no big shifts there. I mean I think it's really kind of the elements that Dave has articulated in terms of the types of investments we want to make

no big shift there i mean i think it's really kind of the elements that dave has articulated in terms of the types of investments we want to make


So I think it's just something to keep in mind. Kind of going back to your previous question, each quarter may be a little bit unique.

so i think it's just something to keep in mind kind of going back to your previous question each quarter may be a little bit unique


We also structured the rate cases to reduce the bill impact, allowing us to make the necessary investments in the networks.

we also structured the rate cases to reduce the bill impact while allowing us to make the necessary investments in the networks


At its most basic, Algeco leases modular buildings and related products and services to customers around the world with a strong focus on Europe.

at its most basic algeco leases modular buildings and related products and services to customers around the world with a strong focus on europe


And I think the example that I used to reinforce that message was the Verizon win.

and i think the example that i used to reinforce that message was the verizon win


because of the currency development. But if we take a look at the situation with comparable currencies, our sales has declined

because of the currency development but if we take a look at the situation with comparable currencies our sales has declined


Good morning, and thank you for joining Ralph Lauren's Fourth Quarter and Full Year Fiscal 2016 Conference Call.

good morning and thank you for joining ralph lauren's fourth quarter and full year fiscal 2016 conference call


This is in contrast to this time last year, and as a result, we probably won't see the same level of catch-up for inventory

this is in contrast to this time last year and as a result we probably won't see the same level of catch-up for inventory


increase resources applied to fewer and larger revenue opportunities in order to accelerate our development cycle times,

increased resources applied to fewer and larger revenue opportunities in order to accelerate our development cycle times


Over the medium term, we believe that increasing our advertiser count will have a positive impact on our pricing.

over the medium term we believe that increasing our advertiser count will have a positive impact on our pricing


Based on our review of the situation over the last few months, I believe many of our problems were self-inflicted

based on our review of the situation over the last few months i believe many of our problems were self-inflicted


Investment experienced growth as a result of increased performance fees in the delegated investment services business.

investment experienced growth as a result of increased performance fees in the delegated investment services business


conservative securities to earn a return on what we have in the reserve to go against that.


sports scientists are developing real-time tracking technologies to optimize athletic performance.


was to defend our intellectual property and to protect our trade secrets. And those objectives were accomplished.

was to defend our intellectual property and to protect our trade secrets and those objectives were accomplished


which included less lower-margin third party hardware sales in the current quarter compared to the same quarter in the prior year.

which included less lower-margin third-party hardware sales in the current quarter compared to the same quarter in the prior year


approaches. There are big themes, as we've talked about, in terms of planning and engineering and procurement. But the contract terms,

approaches there are big themes as we talked about in terms of planning and engineering and procurement but the contract terms


So that and then also because customers are buying smaller quantities, they need it quicker.

so that and then also because customers are buying smaller quantities they need it quicker


They also demonstrate the trust and confidence our customers have in our operational and financial capabilities.

they also demonstrate the trust and confidence our customers have in our operational and financial capabilities


And I think that will really be the framework which shapes our operating expenses going forward.

and i think that will really be the framework which shapes our operating expenses going forward


We continue to add users to the Axon platform and ended the year with almost 95,000 active paid licenses

we continue to add users to the axon platform and ended the year with almost 95 000 active paid licenses


make a judgment today whether this direction or that direction will prevail.


except for Peru, which was impacted by some disruption as a result of adverse weather conditions occurring this spring.

except for peru which was impacted by some disruption as a result of adverse weather conditions occurring this spring


We have made important announcements about the leadership teams of Marsh, Mercer and Guy Carpenter after closing.

we have made important announcements about the leadership teams of marsh mercer and guy carpenter after closing


I'm happy to report on the continued growth of our business, the progress made during the quarter and our prospects moving forward.

i'm happy to report on the continued growth of our business the progress made during the quarter and our prospects moving forward


Some of the services in high demand are leadership development, team effectiveness and organizational transformation.

some of the services in high demand are leadership development team effectiveness and organizational transformation


We went from being a competitive point redemption price property to the most expensive in the market, which drove down our redemption stays.

we went from being a competitive point redemption price property to the most expensive in the market which drove down our redemption stays


There have also been a few online lenders that have tried to cater to prime consumers only, but massive scale is needed to get to a viable economic model.

there have also been a few online lenders that have tried to cater to prime consumers only but massive scale is needed to get to a viable economic model


all while not losing a single lender and gaining increased commitments from 11 of our 13 lenders.


including those disclosed under the sections titled risk factors and forward-looking statements in our annual report on Form 10-K

including those disclosed under the sections titled risk factors and forward-looking statements in our annual report on form 10-k


It is this intelligence that will finally allow consumers to take ubiquitous connectivity for granted.

it is this intelligence that will finally allow consumers to take ubiquitous connectivity for granted


Strategic partner deals are typically larger and have more upside but take an extended period of time to ramp and begin recognizing revenue.

strategic partner deals are typically larger and have more upside but take an extended period of time to ramp and begin recognizing revenue


pretty much at one place at one time. There's only one of you, and so there needs to be more coverage of that kind of thing in the field

pretty much in one place at one time there's only one of you and so there needs to be more coverage of that kind of thing in the field for these large accounts


we would like to be even greater company in scale. Out of

we would like to be even greater company in scale out of


seeing an impact from the strong dollar as well as some slowing domestic demand. So can you just compare and contrast your overarching

seeing an impact from the strong dollar as well as some slowing domestic demand so can you just compare and contrast your overarching


Just briefly on our financial position. Our financial position remains solid

just briefly on our financial position our financial position remains solid


And the reason these fold increases are lower than what we previously reported for the Phase II is that

and the reason these fold increases are lower than what we previously reported for the phase ii is that


like I said remains king, we continue to operate effectively. And as long as we

like i said remains king we continue to operate effectively and as long as we


all patients have completed the 24 weeks. And we've said that we expect that data in the first half of 2019. That hasn't changed.

all patients have completed the 24 weeks and we've said that we expect that data in the first half of 2019 that hasn't changed


of our shareholders and the type of shareholders that we have and why they own us, especially in this world that's

of our shareholders and the type of shareholders that we have and why they own us especially in this world that's


Longer term, our ambitions remain unchanged, and we continue to work well to grow this company and create more value for our shareholders.

longer term our ambitions remain unchanged and we continue to work well to grow this company and create more value for our shareholders


assuming a 2% to 3% comparable store sales increase and the opening of approximately 2 net new stores.


we were -- that was a deal we signed a few months ago, but it was now fully completed hereby beginning of January, as

we were -- that was a deal we signed a few months ago but it was now fully completed here by beginning of january as


while achieving design proppant concentrations of up to 2,000 pounds per foot, which would be the highest in the company's history.

while achieving design proppant concentrations of up to 2 000 pounds per foot which would be the highest in the company's history


As the majority of our revenue comes from management fees, we have already had the majority of our revenue taxed as if we are a corporation.

as the majority of our revenue comes from management fees we have already had the majority of our revenue taxed as if we were a corporation


and what we've done is we've been able to identify who has to be called first and who we can call later


When you take those into account, combined to a positive view on how Colombia is expected to evolve,

when you take those into account combined to a positive view on how colombia is expected to evolve


These charges will not impact the company's cash balance or liquidity and will be excluded from adjusted EBITDA and from operating income.

these charges will not impact the company's cash balance or liquidity and will be excluded from adjusted ebitda and from operating income


the only time you really feel like you can do something is at the top of the cycle. But that's not the time to be doing it, which is why we were so focused

the only time you really feel like you can do something is at the top of the cycle but that's not the time to be doing it which is why we were so focused


for you to consolidate some of the mines in that basin in the case that it may be oversupplied, to your earlier points?

for you to consolidate some of the mines in that basin in the case that it may be oversupplied it's your earlier points


it's what we think it should be on growth? Or are we still going to be dealing with the occasional stumbling block here?

it's what we think it should be on growth or are we still going to be dealing with the occasional stumbling block here


and executing select accretive transactions. We will continue to execute our business plan to drive our business forward.

and executing select accretive transactions we will continue to execute our business plan to drive our business forward


talking to the very biggest partners and signing the very biggest partners that they've got.

we're talking to the very biggest partners and signing the very biggest partners that they've got


continue to do so in the future in order to take advantage of the opportunities. So I would expect that, in the coming year, that we would

continue to do so in the future in order to take advantage of the opportunity so i would expect that in the coming year that we would


to drive continuous improvement. With Brad on board since April, we have taken the first steps in implementing a multiyear program.

to drive continuous improvement with brad on board since april we have taken the first steps in implementing a multiyear program


that remains totally aligned with the growth seen at the beginning of the year and driven simultaneously by all business lines.


These are early indications of the work we are now doing to drive growth for our company and our customers.

these are early indications of the work we are now doing to drive growth for our company and our customers


Beginning in the third quarter, we anticipate beginning to disclose annualized recurring revenue as an additional, important software metric.

beginning in the third quarter we anticipate beginning to disclose annualized recurring revenue as an additional important software metric


All divisions in profitable growth delivering a good organic growth. Acquired business in

all divisions in profitable growth delivering good organic growth acquired business in cost


which allowed us to terminate resellers in the Nordics. And our U.K.-based team is continuing to deliver good results.

which allowed us to terminate resellers in the nordics and our uk-based team is continuing to deliver good results


And while more work still lies ahead, we are seeing the progress begin to manifest itself in our financial performance.

and while more work still lies ahead we are seeing the progress begin to manifest itself in our financial performance


to get to what might be left under the first lien notes for your ability to buy back kind of stuff that's junior to that?


is shown in the segment, and this is consistent with our philosophy of trying to strip out of our segment's prior periods

is shown in the segment and this is consistent with our philosophy of trying to strip out of our segments prior periods


what is obviously a very substantial amount of cash. So if I have one concern, that's about it.

what is obviously a very substantial amount of cash so if i have one concern that's about it


We look forward to providing updates on future quarterly calls. With that, let's open the call up to questions.

we look forward to providing updates on future quarterly calls with that let's open the call up to questions


is where we had to draw the line and say no. It doesn't make sense. So it depends very much on what the rules would be.

where we had to draw the line and say no it doesn't make sense so it depends very much on what the rules would be


As you can see in the slide, there was no direct negative impact on profits.

as you can see in the slide there was no direct negative impact on profits


The numbers that we came up with were fairly low, because the overall loan book is about 15 loans, as you know.

the numbers that we came up with were fairly low because the overall loan book is about 15 loans as you know


These expenses, prior to the third quarter, are reported net in other income, insurance premiums written and earned.

these expenses prior to the third quarter are reported net in other income insurance premiums written and earned


but there will be repairs and maintenance that we will help with and in the long term hopefully will be a tailwind for us.


We are able to carefully manage incremental land acquisition spend with a focus on improving return on equity and assets.

we are able to carefully manage incremental land acquisition spend with a focus on improving return on equity and assets


Our recent stock prices with new repurchase program represents about 8% of the company's total market share

at recent stock prices this new repurchase program represents about 8% of the company's total market share


we've historically done a lot of work for the energy sector in the reactive side and we expect to continue to do that as incidents happen.


Furthermore, we expect to continue lowering costs through a recently implemented seasonal drilling and completion program.

furthermore we expect to continue lowering costs through a recently implemented seasonal drilling and completion program


Our customer relationships are excellent, and our customers are very, very happy we're launching bubly. The product tastes fantastic.

our customer relationships are excellent and our customers are very very happy we're launching bubbly the product tastes fantastic


an annual number, and theoretically, that number gets spread out over the course of the year,

an annual number and theoretically that number gets spread out over the course of the year


And you can look at this for all these 6 geographies. The key is how can we grow with our customer base,

and you can look at this for all these 6 geographies the key is how can we grow with our customer base


this enables us today to really give the capital where we have sufficient returns


from a macro market perspective, we are seeing, in general -- and this is in general,

from a macro market perspective we are seeing in general -- and this is in general


Transitional Center to other CoreCivic residential reentry facilities in Texas that were outside the direct path of the storm.

transitional center to other corecivic residential reentry facilities in texas that were outside the direct path of the storm


due to the significant pace of store openings in that market and some other opportunities we're executing on.


Okay. And if we were to get under a rate hike in March, what would you expect the benefit to the margin to be?

okay and if we were to get another rate hike in march what would you expect the benefit to the margin to be


on margin. Volume does not chart the margin. And decreasingly as we pursue our platform

on margin volume does not chart to margin and decreasingly as we pursue our platform


And I feel very optimistic and very strong and confident about that. But at the same time,

and i feel very optimistic and very strong and confident about that but at the same time


We believe these to be short term in nature and are convinced that our growth strategy will produce solid long-term results.

we believe these to be short-term in nature and are convinced that our growth strategy will produce solid long-term results


On buying better. Buying better focuses on leveraging Orica's global network to lower unit costs.

on buying better buying better focuses on leveraging aurica's global network to lower unit costs


And so as long as we have those -- we satisfy that, we will go into

and so as long as we have those -- we satisfy that we will go into


Through the steady implementation of these themes, we will establish our position as a global leading airline group.

through the steady implementation of these themes we will establish our position as a global leading airline group


I think a year ago, many investors expected Maxim might have been a target

i think a year ago many investors expected maxim might have been a target


in the first part of the 2015 numbers. We would expect to see that in the first part of the 2016 numbers. We then have a second effect,

in the first part of the 2015 numbers we would expect to see that in the first part of the 2016 numbers we then have a second effect


and what was in our discussions with OFAC and hopefully have convinced you that we have anticipated

and what was in our discussions with ofac and hopefully have convinced you that we have anticipated


look, we were a little bit busy last week so we didn't really spend much time trying to revise the guidance, but

look we were a little bit busy last week so we didn't really spend much time trying to revise the guidance but


During the third quarter, we continued to benefit from improved market conditions and our ongoing focus on expense management.

during the third quarter we continue to benefit from improved market conditions and our ongoing focus on expense management


As we continue to morph our products division from a research-based focus to a molecular diagnostics one,

as we continue to morph our products division from a research-based focus to a molecular diagnostics one


it's not our intention to make any further announcements or commentary on Fortuna until it becomes a viable project.

it's not our intention to make any further announcements or commentary on fortuna until it becomes a viable project


a great addition to the Titan team, and really, will be able to jump in and make a difference and start running fast to help our overall sales organization.

she's a great addition to the titan team and really will be able to jump in and make a difference and start running fast to help our overall sales organization


as it has a liquid aftermarket, drives our highest margins and fits well with the most active market segments we pursue.

as it has a liquid aftermarket drives our highest margins and fits well with the most active market segments we pursue


I don't think it's fair, however, to look at -- given the number of execution issues and incremental costs

i don't think it's fair however to look at given the number of execution issues and incremental costs


Since our last call, our treasury team has been very busy. They completed another set of efficient financing transactions including

since our last call our treasury team has been very busy they completed another set of efficient financing transactions including


and build those businesses online. Social and digital is an important new component that I think

and build those businesses online social and digital is an important new component that i think


we've got a pretty good pulse on how to react to that in terms of what do we need to sharpen our pencil and our promotional program.

we've got a pretty good pulse on how to react to that in terms of what we need to sharpen our pencil in our promotional program


such as those outlined in our schedule titled Quarterly Reconciliation of GAAP to Adjusted Non-GAAP Financials

such as those outlined in our schedule titled quarterly reconciliation of gaap to adjusted non-gaap financials


First, and probably most importantly, is the excessively aged nature of the van trailer population.

first and probably most importantly is the excessively aged nature of the van trailer population


We will discuss non-GAAP financial measures and a reconciliation of GAAP can be found in the earnings materials on our website.

we will discuss non-gaap financial measures and a reconciliation of gaap can be found in the earnings materials on our website


And they will normalize at lower levels in the second half of the year, mostly relating to timing of investments and development.

and they will normalize at lower levels in the second half of the year mostly relating to timing of investments and development


and I think in particular we do remain concerned around the tail risk of a local currency downgrade,

and i think in particular we do remain concerned around the tail risk of a local currency downgrade


we do to maintain the upward pressure -- everything we can do to maintain the upward pressure on margins. So

we do to maintain the upward pressure everything we can do to maintain the upward pressure on margins so


And as we enjoy the ride up the cycle, we don't back off in terms of some of the things that

and as we enjoy the ride up the cycle we don't back off in terms of some of the things that


Our acquisition pipeline is healthy, and our balance sheet gives us the flexibility to move quickly and be opportunistic.

our acquisition pipeline is healthy and our balance sheet gives us the flexibility to move quickly and be opportunistic


This structure and the relative profitability is not unusual in many sectors, including decorative paint.

this structure and the relative profitability is not unusual in many sectors including decorative paint


We only have confirming borrowing base facilities both on the international and Canadian side of the business and

we only have conforming boring base facilities both on the international and canadian side of the business and


The other thing that's probably helping the industry sort of slog along before having changes is in fact the low cost of funds.

the other thing that's probably helping the industry sort of slog along before having changes is in fact the low cost of funds


we remain confident that our insurance coverage is sufficient to cover the vast majority of the total cost of damage and business interruption


project and if you have any time frame, any estimate of when we could see the

project and if you have any time frame any estimate of when we could see the


Great. Well, thank you very much for listening in, and we look forward to updating you at the end of the first quarter. Thank you.

great well thank you very much for listening in and we look forward to updating you at the end of the first quarter thank you


or implied by such forward-looking statements, and the company can give no assurance that they will prove to be correct.

or implied by such forward-looking statements and the company can give no assurance that they will prove to be correct


with 2 major pork plants coming online. At the same time, we're going to have a lot more hogs. If you look at

with 2 major pork plants coming online at the same time we're going to have a lot more hogs if you look at


Please turn to Slide 10. The defensiveness and sustainability of our cash flows is further highlighted by the remaining term

please turn to slide 10 the defensiveness and sustainability of our cash flows is further highlighted by the remaining term


I'll introduce them as they chime in during the call. Our agenda is going to be familiar to many of you, I hope.

i'll introduce them as they chime in during the call our agenda is going to be familiar to many of you i hope


and actually start a process over with a partner. We plan to use the materials they are producing

and actually start a process over with a partner we plan to use the materials they are producing


but we're certainly fairly far along and laying out our plans and foundation to go after it.

but we're certainly fairly far along in laying out our plans and foundation to go after it


to the overall portfolio. And then the second thing that we also mentioned in the call today was it does limit

to the overall portfolio and then the second thing that we also mentioned in the call today was it does limit


We enhanced our debt structure to provide significant capacity to move quickly on opportunities to expand our business.

we enhanced our debt structure to provide significant capacity to move quickly on opportunities to expand our business


you had a benefit last year because essentially


getting them to understand and appreciate that value proposition on an episode basis.


it's what we watch internally, and I hope it's what you watch because I think that's the way to tell how we're progressing with this business.

it's what we watch internally and i hope it's what you watch because i think that's the way to tell how we're progressing with this business


is really what tells the story here. And we're starting to get more and more case studies around the success of the technologies that we deploy.

is really what tells the story here and we're starting to get more and more case studies around the success of the technologies that we deploy


what has happened in the past in a number of small refinery exemptions, especially with the money that refiners are making, there is not a lot of hardship anymore,

what has happened in the past in a number of small refinery exemptions especially with the money that refineries are making there is not a lot of hardship anymore


we don't think that the Zika virus per se has got a lot of negative. What I do think you're going to get

we don't think that the zika virus per se has got a lot of negatives what i do think you're going to get and


by the end of 2019. We managed the simplification program on a project by project basis and expect

by the end of 2019 we managed the simplification program on a project per project basis and expect


Our acquisitions in Personal Care contributed increasingly to USG through the year as we started to anniversary them.

our acquisitions in personal care contributed increasingly to usg through the year as we started to anniversary them


This is regarding Napabucasin. This change in fair value of contingent consideration

this is regarding napa bukasin this change in fair value of contingent consideration


this year. So they're trying to get those -- that word out to our folks early because they don't want to lose

this year so they're trying to get those -- that word out to our folks early because they don't want to lose what


it's kind of stalled. Yes, there's a number of factors of that. Some of it's got to do with the timing of when you've

it's kind of stalled yes there's a number of factors of that some of it's got to do with the timing of when you've


were offset by lower margins from higher factory costs as a result of lower total volumes handled in Brazil.

were offset by lower margins from higher factory costs as a result of lower total volumes handled in brazil


We have a complete product range. We have one of the largest design portfolios in the industry, very deep technical know-how.

we have a complete product range we have one of the largest design portfolios in the industry very deep technical know-how


in order to focus resources on higher-margin segments and end-user customers, where we see fewer competitors who can match

in order to focus resources on higher-margin segments and end-user customers where we see fewer competitors who can match


We also saw inflation on packaging and certain ingredients with deflation in proteins, fats and oils.

we also saw inflation on packaging and certain ingredients with deflation in proteins fats and oils


And then to try to jump-start volume, low ROI trade was infused behind price promotion.

and then to try to jump-start volume low roi trade was infused behind price promotion


Capital deployment during the quarter included acquiring LinkTech to add our Advanced Technology segment's medical offering,

capital deployment during the quarter included acquiring linktech to add to our advanced technology segment's medical offering


preparing for the possible U.K. vote leaving the euro or have you just sort of maintained the old strategy?

preparing for the possible u k vote leaving the euro or have you just sort of maintained the old strategy


And because of the way the platform was architected and because of the way Frank and team have really jumped on

and because of the way the platform was architected and because of the way frank and team have really jumped on


we have a number of ways we can do that. One is through reserves growth in our fields as we drill

we have a number of ways we can do that one is through reserves growth in our fields as we drill


also I would like to thank you analysts for covering us. I would like to thank you all. And we are available

also i would like to thank you analysts for covering us i would like to thank you all and we are available


be as transparent as possible as to the results and be responsive to the comments that we received from investors over the last year

be as transparent as possible as to the results and be responsive to the comments that we've received from investors over the last year


almost evenly split between bridge loans and conduit loans. And we have a robust loan origination pipeline.

almost evenly split between bridge loans and conduit loans and we have a robust loan origination pipeline


All this demonstrates cost efficiency. And the development of our operating model means that it is also scalable upwards, allowing us

all this demonstrates cost efficiency and the development of our operating model means that it is also scalable upwards


If I step back from it, just to give you a few numbers or summarize a few numbers for the Aggregates segment for the quarter,

if i step back from it just to give you a few numbers or summarize a few numbers for the aggregates segment for the quarter


our unit margins in aggregates reached a second quarter record and the pricing climate remains positive.


I think, if you look at where we stand from a demand perspective and what's happening in the markets or not,

i think if you look at where we stand from a demand perspective and what's happened in the markets and i'd


Importantly, we can launch this offering with minimal investment by using our existing product and manufacturing resources.

importantly we can launch this offering with minimal investment by using our existing product and manufacturing resources


the second quarter and the remainder of 2018. The first quarter was about as choppy as it gets for our business.

the second quarter and the remainder of 2018 the first quarter was about as choppy as it gets for our business


for an online shop for electronics products. We already put together an assortment range of over 2,000 items

for an online shop for electronics products we already put together an assortment range of over 2 000 items


and AppNexus brought part of the revenues, but also took part of the revenues as their share.

and apnexus brought part of the revenues but also took part of the revenues as their share


what's available then to fund the divided, but leaving working capital so that we can address our needs as it relates to

what's available then to fund the dividend but leaving working capital so that we can address our needs as it relates to


The gain and loss on foreign exchange were mainly related to the change in the exchange rate used to translate

the gain and loss on foreign exchange were mainly related to the change in the exchange rate used to translate


We also closed the previously announced acquisition of 3 stations in the Fairbanks, Alaska market,

we also closed the previously announced acquisition of 3 stations in the fairbanks alaska market


is available on the Investor Information section of our website at sensient.com and in our press release.

is available on the investor information section of our website at sensient com and in our press release


And again, yes, I think the numbers that Brian quotes are numbers where we are going to split the box. We've had a few executions

and again yes i think the numbers that brian quotes are numbers where we are going to split the box we've had a few executions


to prepare the future of, do you sell the platform

to prepare the future of do you sell the platform


I'm just kind of looking at everything and not necessarily any particular side that you want to drop first?


due to negative foreign currency impacts, which was partially offset by a favorable sales mix shift to the retail segment.

due to negative foreign currency impacts which was partially offset by a favorable sales mix shift to the retail segment


It's nice if it's got some equity but has some room to grow. That's why we're more focused at the smaller end of the spectrum.

it's nice if it's got some equity but has some room to grow that's why we've been more focused at the smaller end of the spectrum


However, we are seeing some unanticipated pressure on operating cash flows in this half of the year.

however we are seeing some unanticipated pressure on operating cash flows in this half of the year


right on the back of October. So when you look at the oil price decline in October, that will have a direct translation into our October input,

right on the back of october so when you look at the oil price decline in october that will have a direct translation into our october input


We are now driving both the assessments and program management of our targeted initiatives with only very limited support from third parties.

we are now driving both the assessments and program management of our targeted initiatives with only very limited support from third parties


Thus, in the third quarter, I expect management fees to remain roughly flat compared to the second quarter.

thus for the third quarter i expect management fees to remain roughly flat compared to the second quarter


the fourth quarter, sold some additional Agency assets to allow us to continue to increase our exposure

the fourth quarter sold some additional agency assets to allow us to continue to increase our exposure


we feel we are at least on the right track and are going through tremendous amounts of validation to make sure we stay on track.

and we feel we are at least on the right track and are going through tremendous amounts of validation to make sure we stay on track


New and old, we're definitely are biased towards new. I mean I think in the world we are right now the threshold for innovation

new and old we're definitely a bias toward new i mean i think in the world we are right now the threshold for innovation


We are of the firm opinion that this is an absolute minimum requirement to achieve the rerating of our equity,

we are of the firm opinion that this is an absolute minimum requirement to achieve the re-rating of our equity


and then I'll spend a fair bit of time on the Obuasi redevelopment project, which has been approved for implementation.

and then i'll spend a fair bit of time on the obuasi redevelopment project which has been approved for implementation


and remain excited about the continued growth opportunities in our U.S. business. As we have discussed, our business is very diverse,

and remain excited about the continued growth opportunities in our u s business as we have discussed our business is very diverse


At the same time, we continue our efforts in recruiting, retention and management development programs.

at the same time we continue our efforts in recruiting retention and management development programs


you have a lot of wood that can flow, either to the China market or to the domestic market. We continue to believe that

you have a lot of wood that can flow either to the china market or to the domestic market we continue to believe that


When we reviewed the design, we felt that it was actually valuable to push the dose higher

when we reviewed the design we felt that it was actually valuable to push the dose higher


In brief, we believe the increase of shared mobility in urban centers will lead to vehicles having much higher utilization,

in brief we believe the increase of shared mobility in urban centers will lead to vehicles having much higher utilization


After carefully considering our current disclosures, we have decided that we will not change how we report adjusted earnings per share.

after carefully considering our current disclosures we have decided that we will not change how we report adjusted earnings per share


The use of special purpose entities by the bank in this business is usual and customary in the industry and represents prudent practice.

the use of special purpose entities by the bank in this business is usual and customary in the industry and represents prudent practice


so that's won't be recurring. But we will have some other expenses. So some of it was due to Block.

so that won't be recurring but we will have some other expenses so some of it was due to block


Based on the progress made to date, we continue to see evidence that the new process improvements and delivery methodologies are working

based on the progress made to date we continue to see evidence that the new process improvements and delivery methodologies are working


as deployment services makes up less of the mix and engineering and consulting services


The driver shortage continues to be a headwind for the industry and will likely impact the ability to increase capacity in the space.

the driver shortage continues to be a headwind for the industry and will likely impact the ability to increase capacity in the space


costs could be inflationary again here going forward. We know for a fact that our largest cost, the driver wages will be,

costs could be inflationary again here going forward we know for a fact that our largest cost the driver wages will be


both in cost and revenue synergies. Our intention with providing synergy targets in April

both in cost and revenue synergies our intention with providing synergy targets in april


We've made a lot of progress in a very short time, which has required placing a lot of bets

we've made a lot of progress in a very short time which has required placing a lot of bets


where you lose virulence. And why we keep saying we're looking at the feasibility to make a decision,

where you lose virulence and why we keep saying we're looking at feasibility to make a decision


Before I go into the segment details, let me quickly review 2 of the adjusting items for the fourth quarter.

before i go into the segment details let me quickly review 2 of the adjusting items for the fourth quarter


dealerships that are under pressure, hence our desire to improve the strength of the balance sheet should we be able to take advantage of

dealerships that are under pressure hence our desire to improve the strength of the balance sheet should we be able to take advantage of


are examples of new recurring revenue opportunities that we have identified and pursued in the Content Services market segment.

are examples of new recurring revenue opportunities that we have identified and pursued in the content services market segment


These results in retail pharmacy are offset by strong positive consecutive quarter growth in specialty pharmacy,

these results in retail pharmacy are offset by strong positive consecutive quarter growth in specialty pharmacy


I'm happy to report that in November, we signed a letter of intent with ShareCor, the Louisiana Hospital Association,

i'm happy to report that in november we signed a letter of intent with chercore the louisiana hospital association


our marketing message is compelling and our operating teams are ready for the peak shopping weeks of the year.


or measures calculated and presented in accordance with GAAP. With that, let me now turn the call over to David for his opening remarks.

or measures calculated and presented in accordance with gaap with that let me now turn the call over to david for his opening remarks


which was offset by our improved gross profit margin, effective expense management and lower tax rate.

which was offset by our improved gross profit margin effective expense management and lower tax rate


And you've got a fairly robust real estate business. And all of that is putting pressure on construction resources, which makes

and you've got a fairly robust real estate business and all of that is putting pressure on construction resources which makes


look at growth opportunities. And so I'm wondering if there's any thought about any change in the structure

look at growth opportunities and so i'm wondering if there's any thought about any change in the structure


entering this year and over the course of the year than we were in 2017. We feel very confident in that.

entering this year and over the course of the year than we were in 2017 we feel very confident in that


Our consistently strong revenue growth reflects the broad-based demand for our real estate capital solutions.

our consistently strong revenue growth reflects the broad-based demand for our real estate capital solutions


Average minute is, in fact, the way we report television right now. But it'll probably also need to include a reach

average minute is in fact the way we report television right now but it'll probably also need to include a reach


a lot more pressure sort of across the board. So I'm just curious, are you seeing any of these issues that have been reported by others in terms of

a lot more pressure sort of across the board so i'm just curious are you seeing any of these issues that have been reported by others in terms of


Changes to the methodology included using a higher discount rate to determine the value of future cash flows.

changes to the methodology included using a higher discount rate to determine the value of future cash flows


On January 25, the Partnership announced its fourth quarter cash distribution

on january 25 the partnership announced its fourth quarter cash distribution


and expand our margins by improving our execution, especially in the area of delivery.

and expand our margins by improving our execution especially in the area of delivery


Given the recent news on the economic front, we expect to see profitable growth in this portfolio during this third quarter.

given the recent news on the economic front we expect to see profitable growth in this portfolio during this third quarter


as well as its ability to act as a throughput equalizer for our guests relative to the competition.


was that a step-up in capacity that came on and you're now constrained going into the following quarters so there's

was that a step up in capacity that came on and you're now constrained going into the following quarter so that there's


what you think the opportunities will be there, whether it's just kind of one product at a time and sort of modest incremental or if you think that there's

what you think the opportunities will be there whether it's just kind of one product at a time and sort of modest incremental or if you think that there's


In closing, we believe we are expanding the Mistras brand, and we are very optimistic about its future.

in closing we believe we are expanding the mistrust brand and we are very optimistic about its future


However, if you can make it more interesting, you can make it slightly more thrilling.

however if you can make it more interesting you can make it slightly more thrilling


kind of refresh our memory on some of the international segments in terms of a percentage of your international wholesale business?

kind of refresh our memory on some of the international segments in terms of percentage of your international wholesale business


I recognize you're trying to wade through all that. My observations would be that

i recognize you're trying to wade through all that my observations would be that


And of course, when we take into account what we announced a possible consolidation. If consolidation will take place,

and of course when we take into account what we announced a possible consolidation if consolidation will take place


which is our highest ever ending unit count and revenues from our installed base were at record levels.


Importantly, we've already begun to execute on a number of our plans, underlying initiatives and priorities.

importantly we've already begun to execute on a number of our plan's underlying initiatives and priorities


rationality, and we are now benefiting from this model. But I would also like to highlight that we have

rationality and we are now benefiting from this model but i would also like to highlight that we have


as we've gone through this year, we've seen you revise your expectations related to

as we've gone through this year we've seen you revise your expectations related to


until after they've occurred and only if they materially impact our assumptions from the base case.

until after they have occurred and only if they materially impact our assumptions from the base case


So if we look at net debt, the group continues to have a strong cash position

so if we look at net debt the group continues to have a strong cash position


Our expectation is prices could rise again in August before stabilizing and then declining somewhat in the fourth quarter.

our expectation is prices could rise again in august before stabilizing and then declining somewhat in the fourth quarter


No. I mean, I said last year, I thought we were experiencing an anomaly in Europe. We had

no i mean i said last year i thought we were experiencing an anomaly in europe we had


market. And that'll give us a lot more information, but that is a huge opportunity for the future for which we will discuss tomorrow.

the whole market and that will give us a lot more information but that is a huge opportunity for the future for which we will discuss tomorrow


giving them more product choices than ever before and leveraging trends in food and nutrition to help them attract new customers.


transaction to go through their usual process -- processes, their own analyses

transaction to go through their usual process -- processes their own analyses


which is less than the run rate in the prior 2 quarters as a result of lower straight-line rent adjustments in the second quarter.


So that's revenue that is available to them if we deliver. If you miss your deadline, those customers have just lost out

so that's revenue that is available to them if we deliver if you miss your deadline those customers have just lost out


I think it's a second quarter in a row where the recurring streams kind of performed a little better. So perhaps marc you want to expand on what your thoughts there?

i think it's the second quarter in a row where the recurring streams kind of performed a little better so perhaps mark you want to expand on your thoughts there


more than 3x faster than the average semiconductor content in cars.


and that would be over 100 years of remaining resources relative to the current U.S. natural gas demand.

and that would be over 100 years of remaining resources relative to the current u s natural gas demand


This is exactly the kind of deal we want to do with companies that have midstream business assets embedded in a larger organization.

this is exactly the kind of deal we want to do with companies that have midstream business assets embedded in a larger organization


The authorization allows, but does not require the company to repurchase its shares at its discretion.

the authorization allows but does not require the company to repurchase its shares at its discretion


How should we think about, again, the different segments of -- that you have in terms of

how should we think about again the different segments of -- that you have in terms of


On balance, we anticipate that U.S. reform could be favorable to our book tax rate by anywhere from 1 to 5 percentage points,

on balance we anticipate that u s reform could be favorable to our book tax rate by anywhere from 1 to 5 percentage points


As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website.

as noted in our earnings release we have posted supplemental financial information on the ir portion of our website


ZEE will continue to offer quality entertainment to audiences, both home and abroad, across various consumption platforms.

zee will continue to offer quality entertainment to audiences both home and abroad across various consumption platforms


Unless stated otherwise, financial and operational metric comparisons are to the prior year period and relate to continuing operations.

unless stated otherwise financial and operational metric comparisons are to the prior year period and relate to continuing operations


So we -- all these changes that we're making are giving us a leg up against a lot of people.

so we -- all these changes that we're making are giving us a leg up against a lot of people


We continue to evaluate the appropriate structure for the re-domestication and plan to have an update on next quarter's call.

we continue to evaluate the appropriate structure for the redomestication and plan to have an update on next quarter's call


We talked in previous quarters about being able to use the technology of BOSS on things like termite billing.

we talked in previous quarters about being able to use the technology of boss on things like termite billings


Have a great rest of the day. This concludes today's conference call. You may now disconnect.

have a great rest of the day this concludes today's conference call you may now disconnect


looked at how many wells per quarter. I just know that the well count in the first quarter is low relative to the rest of the

looked at how many wells per quarter i just know that the well count in the first quarter is low relative to the rest of the


The level of documentation we're getting now from the sellers is spectacular, and it's very different than we've gotten in the past

the level of documentation we're getting now from the sellers is spectacular and it's very different than we've gotten in the past


As I noted on our last call, we have been analyzing our cost structure to help better align our resources with the growth areas of our business.

as i noted on our last call we have been analyzing our cost structure to help better align our resources with the growth areas of our business


We have a positive growth in residential consumer with a positive margin product group.

we have a positive growth in residential consumer with a positive margin for the group


Is there going to be a quick -- if the second half develops the way you think, is it fair to think about that mix as

is there going to be a quick -- if the second half develops the way you think is it fair to think about that mix as


That is why it is important to focus on average balances and longer-term trends in both the loan portfolio

that is why it's important to focus on average balances and longer-term trends in both the loan portfolio


The most significant advantage we clearly have is the lack of an extensive and expensive branch network.

the most significant advantage we clearly have is the lack of an extensive and expensive branch network


earnings, which is really a normal course kind of event. So you would tend to see this year being the year that you have

earnings which is really a normal course kind of event so you would then to see this year being the year that you have


goes on the account of the elections which are coming up in India. You might be aware of the fact that there is -- the federal

goes on the account of the elections which are coming up in india you might be aware of the fact that there is the federal


And so those data will come a bit later. We know from Phase I that there was always a good relationship or

and so those data will come a bit later we know from phase 1 that there was always a good relationship or


and operations had to implement staffing plan alternatives in case the hurricane disrupted regular scheduled shift changes.

and operations had to implement staffing plan alternatives in case the hurricane disrupted regularly scheduled shift changes


Good morning, and thank you for holding. Welcome to the Conn's Inc. conference call to discuss earnings for the fiscal quarter ended

good morning and thank you for holding welcome to the compx inc conference call to discuss earnings for the fiscal quarter ended


Okay. And how far do you think it is for you to send a movie over there

okay and how far do you think it is for you to send a movie over there


Due to the strong momentum in our business, we elected to increase spend in areas where we expect to generate superior levels of return.

due to the strong momentum in our business we elected to increase spend in areas where we expect to generate superior levels of return


This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast,

this conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast


try to get it down a few more days to get at 60 or a couple days below that. And we are

try to get it down a few more days to get it 60 or a couple of days below that and we are


the fact that Insulation prices are still so far below where nominal prices were a decade ago is a real problem for our business,

the fact that insulation prices are still so far below where nominal prices were a decade ago is a real problem for our business


enterprises. So we will make sure that we will do the right thing, and we will also do difficult things if necessary.

enterprises so we will make sure that we will do the right thing and we will also do difficult things if necessary


That is one step in the change. We are out working and developing all the plans to implement

that is one step in the change we are out working and developing all the plans to implement


Well, it's so asinine, because it not only will make their scraper perform better,

well it's so asinine because it not only will make their scraper perform better


and the situation is that you take that -- you take it by just


We are working diligently with our tax advisers to refine this calculation in accordance with the regulations as they are released.

we are working diligently with our tax advisers to refine this calculation in accordance with the regulations as they are released


I would like to also note that all of our maintenance downtimes for the quarter were scheduled. As

i would like to also note that all of our maintenance downtimes for the quarter were scheduled


of retail that we operate in. And I guess my overall comment would be and I'll certainly look at these guys, but everything that I've seen, I

of retail that we operate in and i guess my overall comment would be and i'll certainly look at these guys but everything that i've seen


And importantly, we continue to invest in future capabilities like digital and own brands, et cetera.

and importantly we continue to invest in future capabilities like digital and own brands et cetera


and that is roughly a 1 to 2 percentage point growth over where it was on a full year basis last year.

and that is roughly a 1% to 2 percentage point growth over where it was on a full year basis last year


But what is your opinion in this case? I mean, do you think that this is a good move or should not be?

but what is your opinion in this case i mean do you think that this is a good move or should not be


The Walmart Canada order is a good example of how long it can take for these purchase orders to materialize.

the walmart canada order is a good example of how long it can take for these purchase orders to materialize


To give you a flavor of the kind of things that we have been doing, I will mention a couple that I feel very strongly about.

to give you a flavor of the kind of things that we have been doing i will mention a couple that i feel very strongly about


by about 2%. Other key assumptions for Q1 include a moderate increase in expenses

by about 2% other key assumptions for q1 include a moderate increase in expenses


but we don't expect to do anything meekly here that is going to reflect


We fully expect our investments to drive future revenue growth and contribute to positive operating leverage over the medium term.

we fully expect our investments to drive future revenue growth and contribute to positive operating leverage over the medium term


The Hawaii economy continues to perform well, providing a supportive backdrop for our operations.

the hawaii economy continues to perform well providing a supportive backdrop for our operations


rather than diminishing as you get to larger cohorts, is actually improving because we're getting those larger cohorts through

rather than diminishing as you get to larger cohorts is actually improving because we're getting those larger cohorts through


This decline was unrelated to the transition to managed payments, which had no material impact on our results.

this decline was unrelated to the transition to managed payments which had no material impact on our results


use to rapidly pay down debt and help return the combined company to its current capital structure on a pro forma basis.

used to rapidly pay down debt and help return the combined company to its current capital structure on a pro forma basis


So this business, as long as they continue to drive corporate relationships, we'll absolutely invest in it. And then it's up to

so this business as long as they continue to drive corporate relationships we'll absolutely invest in it and then it's up to


And finally, growing invested capital with disciplined investment, returning any surplus to our shareholders.

and finally growing invested capital with disciplined investment returning any surplus to our shareholders


guess, the easy way to describe the quarter is sort of business as usual. As everyone knows, over the last couple of years, we decided to slow down

i guess the easy way to describe the quarter is sort of business as usual as everyone knows over the last couple of years we've decided to slow down


This speaks to our ability to offer best-in-class products and to a sales team that's increasing its productivity.

this speaks to our ability to offer best-in-class products and to a sales team that's increasing its productivity


We believe that providing a great customer experience and great service all across the country will generate above-market performance,

we believe that providing a great customer experience and great service all across the country will generate above-market performance


And at the appropriate time, we'll make the decision on whether or not we would like to partner them or continue operating them as fully owned assets within

and at the appropriate time we'll make the decision on whether or not we would like to partner them or continue operating them as fully owned assets


We will continue to measure the results of these tests to ensure long-term benefits for customers and the company alike.

we will continue to measure the results of these tests to ensure long-term benefits for customers and the company alike


But we really think about our share repurchase program in terms of our total capital management strategy and address that on a quarterly basis.

but we really think about our share repurchase program in terms of our total capital management strategy and address that on a quarterly basis


primarily reflecting increases in information technology spending as well as higher facilities, professional services and travel expenses.

primarily reflecting increases in information technology spending as well as higher facilities professional services and travel expenses


Finally, the biggest contributor to our margin improvement this half was from overheads, which I've already discussed a bit.

finally the biggest contributor to our margin improvement this half was from overheads which i've already discussed a bit


We're tapping into the interest in prestige scotch with our rare scotch malts and cask offerings.

we're tapping into the interest in prestige scotch with our rare scotch malts and cask offerings


Understanding the details of this process will allow the client companies to mitigate formation damage and permeability impairment.

understanding the details of this process will allow the client companies to mitigate formation damage and permeability impairment


I'm not an advocate of it in its current form because the process of removing, manipulating

i am not an advocate of it in its current form because the process of removing manipulating


We expect to finalize our plans over the remainder of 2018. As always, investor feedback on these issues is welcome.

we expect to finalize our plans over the remainder of 2018 as always investor feedback on these issues is welcome


again, that would assume a static portfolio. So not continuing to launch products, which we, of course, hope to bring in and secure

again that would assume a static portfolio so not continuing to launch products which we of course hope to bring in and secure


as well as taking new accounts on the differences in the European market. But probably a little early for us to be trying to comment

as well as take into account some of the differences in the european market but probably a little early for us to be trying to comment


I would say the enthusiasm, the energy, the excitement, the media coverage we certainly have had so far from the opening,

i would say the enthusiasm the energy the excitement the media coverage we certainly have had so far from the opening


This is consistent with management's view and our focus on the things that we've discussed in the past few quarters,

this is consistent with management's view and our focus on the things that we've discussed in the past few quarters


Now for Q1 of '19, we expect to be in the low end of this range. Now we're going to have the normal impact of winter,

now for q1 of '19 we expect to be in the low end of this range now we're going to have the normal impact of winter


has already added a leasing area of around 7,000 square meters and has already inaugurated some of their first stores.

has already added a leasing area of around 7 000 square meters and has already inaugurated some of their first stores


including our entirely new Church Management capabilities that we built natively using our SKY platform.

including our entirely new church management capabilities that we built natively using our sky platform


We often speak of the value of keeping our whole loan sales channels open and active, even when securitization markets are particularly favorable.

we often speak of the value of keeping our whole loan sale channels open and active even when securitization markets are particularly favorable


So we have -- we do have the ability to play capital when we find true value that are strategically right down our fairway

so we have -- we do have the ability to deploy capital when we find true value that are strategically write down our fairway


That's opportunity to get in front of key players from our customers that will see

that's opportunity to get in front of key players from our customers that will see


The country has traditionally been the biggest market for Bladex. Although in terms of relative portfolio weight,

the country has traditionally been the biggest market for bladex although in terms of relative portfolio weight


Our legal team is actively preparing for trial, and we remain committed to vigorously pursuing our rights.

our legal team is actively preparing for trial and we remain committed to vigorously pursuing our rights


you can tell by our spreads that when it comes to renewals that our renewals are in line with where we expected them to be.


customers in the distribution channels that we have known and done business with for long periods of time, but now have

customers in the distribution channels that we've known and done business with for long periods of time but now have


Despite the late spring and some dry conditions, most of our customers are experiencing favorable planting conditions in May. It

despite the late spring and some dry conditions most of our customers are experiencing favorable planting conditions in may


These are the types of investment decisions that are easy to make, with expected clear and strong payback.

these are the types of investment decisions that are easy to make with expected clear and strong payback


that we would take, for the classes that we want, we would take all the business if it fits our underwriting. So we feel good where the pricing is.

that we would take -- for the classes that we want we would take all the business if it fits our underwriting so we feel good where the pricing is


due to solid operating performance, lower interest expense and strong performance in our coffee joint ventures.

due to solid operating performance lower interest expense and strong performance in our coffee joint ventures


Shifting to volume. We expect core volume to be relatively flat consistent with recent trends.

shifting to volume we expect core volume to be relatively flat consistent with recent trends


to ensure that we live in a world where we don't just sell the science, but we ensure that patients actually get access to it.

to ensure that we live in a world where we don't just solve the science but we ensure that patients actually get access to it


Third, our leadership spends a lot of time in the field with our sales team.

third our leadership spends a lot of time in the field with our sales team


And I think the other part that's going on here is flows and client activity matter, right. I think in my

and i think the other part that's going on here is flows and client activity matter right i think in my


Finally, we saw a significant step-up in processing fees with the addition of CRD for the first time in our fourth quarter financials.

finally we saw a significant step up in processing fees with the addition of crd for the first time in our fourth quarter financials


that could be an opportunity, but there's nothing that we've looked at so far that

that could be an opportunity but there's nothing that we've looked at so far that we've


list that we have with our customers and also the investments we made in certain parts of our business,


As a result, direct comparisons of per share amount between years may not be that useful to investors.

as a result direct comparisons of per share amounts between years may not be that useful to investors


and a little bit of ripple effect from the government shutdown that occurred on some of our core customers who did government work.


I don't know if it's really directly impacting us per se with the constraints on the crude side.

i don't know if it's really directly impacting us per se with the constraints on the crude side


see a through the cycle return that reflects the regulatory environment and that type of risk.

see a through-the-cycle return that reflects the regulatory environment and that type of risk and


We have to have good cultural fits. But we have some discussions going on now that I think we feel

we have to have a good cultural fit but we have some discussions going on now that i think we feel


Michel will review the items that drove the reduction in operating expenses for both the year and the quarter.

michelle will review the items that drove the reduction in operating expenses for both the year and the quarter


We are seeing strong tenant demand for our buildings, declining vacancy and rising rents across the majority of these markets.

we are seeing strong tenant demand for our buildings declining vacancy and rising rents across the majority of these markets


the folks that make the decisions to go with our service sometimes they're slowing in making the decisions,

the folks that make the decisions to go with our service sometimes they're slow in making the decisions


We obviously have operated in the past in most every major basin and so I don't think we're limited

we obviously have operated in the past in most every major basin and so i don't think we're limited


Thanks, Kathryn, and good morning everyone. We achieved our key operating objectives and had a great fourth quarter.

thanks katherine and good morning everyone we achieved our key operating objectives and had a great fourth quarter


as I think everybody knows, we don't speculate on potential acquisitions or other activity of the kind,

as i think everybody knows we don't speculate on potential acquisitions or other activity of the kind


This offering will be built by evolving our brand voice, our products, our marketing and our shopping experience.

this offering will be built by evolving our brand voice our products our marketing and our shopping experience


And we provided additional incentives and resources to those regions, which could drive incremental growth well into our future.

and we provided additional incentives and resources to those regions which could drive incremental growth well into our future


Our advertising business changed profoundly over the past year as we migrated the sale of our Snap Ads to an automated auction.

our advertising business changed profoundly over the past year as we migrated the sale of our snap ads to an automated auction


give us some color on what's driving that? And then you also said that engagement in the older cohorts and

give us some color on what's driving that and then you also said that engagement in the older cohorts and with


as the full face amount in excess of the carrying amount of the surplus notes is already adjusted.


Last quarter, with the assistance of the transformation office, we finalized plans for a voluntary early retirement program.

last quarter with the assistance of the transformation office we finalized plans for our voluntary early retirement program


and therefore, no assurance can be given that they will be purchased according to the currently contemplated terms.

and therefore no assurance can be given that they will be purchased according to the currently contemplated terms


changing expectations and instilling rigor and discipline across every task and function in the organization.


We are working hard in a number of areas to improve our performance. But given the current size and complexity of this program,

we are working hard in a number of areas to improve our performance but given the current size and complexity of this program


That concludes our prepared remarks. Thank you for your attention. And at this time, we would like to open the call up to questions.

that concludes our prepared remarks thank you for your attention and at this time we would like to open the call up to questions


Arc signaled a few different scenarios for the future of the Portland Terminal lease, including continuing with the lease as is

arch signaled a few different scenarios for the future of the portland terminal lease including continuing with the lease as is


opened up a -- I think we talked about this at some point in the past, that in February, we opened up a new facility in Palo Alto

opened up a -- i think we talked about this at some point in the past that in february we opened up a new facility in palo alto


where that is for contribution from EMS now and outlook from that if you expect from all the movement in products

where that is for contribution from ems now and outlook from that if you expect from all the movement in products


information about our mix or market share. Therefore, I'm not going to elaborate further

information about our mix or market share therefore i'm not going to elaborate further


can we see the impact of those initiatives? Is that something that we'll begin to see in Q2 or is that going to take a little bit longer to play out?

can we see the impact of those initiatives is that something that we'll begin to see in q2 or is that going to take a little bit longer to play out


And to the extent that we are more optimistic about the economy collectively

and to the extent that we are more optimistic about the economy collectively


that, overview of our businesses let me turn the call over to Adam for a discussion of our recent financial performance. Adam?

with that overview of our businesses let me turn the call over to adam for a discussion of our recent financial performance adam


mobile devices than in the first half of the year but still highly attractive.


We expect to file a new application shortly and receive a decision from the court in the coming weeks.

we expect to file a new application shortly and receive a decision from the court in the coming weeks


Our operations teams have done an excellent job executing on our customer base, growth and retention initiatives.

our operations teams have done an excellent job executing on our customer base growth and retention initiatives


Based on our experience in primates and prior human clinical studies, we believe this represents near-complete suppression of the liver production

based on our experience in primates and prior human clinical studies we believe this represents near complete suppression of the liver production


until sometime in September anyway. So we're going to kind of be working between both offices for a little while.

until sometime in september anyway so we're going to kind of be working between both offices for a little while


We are also sponsoring several educational courses and are looking forward to a busy and productive meeting.

we are also sponsoring several educational courses and are looking forward to a busy and productive meeting


where we're going as a business and thinking through the deployment services and speaking to the CAF part first.

where we're going as a business and thinking through the deployment services and speaking to the caf part first


We also believe our current balance sheet positions us to have the flexibility to continue to invest in future growth opportunities.

we also believe our current balance sheet positions us to have the flexibility to continue to invest in future growth opportunities


Before I move on, I'd like to thank the team for their hard work and dedication throughout this challenging process.

before i move on i'd like to thank the team for their hard work and dedication throughout this challenging process


So it's -- we have a number of prospects in the pipeline. Some have

so it's -- we have a number of prospects in the pipeline some have


Okay. And then my second question is with the change in the tax rate.

okay and then my second question is with the change in the tax rate


banks. I think, when we look forward, part of our strategy is to also opening other capital markets,

banks i think when we look forward part of our strategy is to also opening other capital markets


Silver prices are also better. In this case it is 3% up

silver prices are also better in this case it's 3% up


I'm going to turn the call over to Rick to take you through our third quarter's earnings results. And then you'll be hearing from myself,

i'm going to turn the call over to rick to take you through our third quarter's earnings results and then you'll be hearing from myself


And what percentage of sales, maybe in the last 2 or 3 years, those channels might have represented?

and what percentage of sales maybe in the last 2 or 3 years those channels might have represented


Adjustments in the fourth quarter included noncash charges for the payout of pension benefits

adjustments in the fourth quarter included noncash charges for the payout of pension benefits


Gaming service revenue was lower mainly due to our exit of certain interactive operation.

gaming service revenue was lower mainly due to our exit of certain interactive operation


stressed sort of scenario or sort of an outlook. Is there anything you can provide or give us some sort of ideas as to what

a stressed sort of scenario or sort of an outlook is there anything you could provide or give us some sort of ideas as to what


We recognize that there is a tremendous amount of work to do, but we made great strides

we recognize that there is a tremendous amount of work to do but we made great strides


we did not see any notable improvements, as the economic climate for small businesses remains sluggish.

we did not see any notable improvements as the economic climate for small businesses remains sluggish


and enable us to do something very novel within each stage by setting perforations across 2 different stress profiles,


Yes. We believe that the inspection spend should be really where the damage is. And there's ways to use this new

yes we believe that the inspection spend should be really where the damage is and there's ways to use this new


Some of the factors that could cause actual results to differ are discussed in the company's most recent Annual Report on Form 10-K

some of the factors that could cause actual results to differ are discussed in the company's most recent annual report on form 10-k


in the vicinity or in the estate, if you will, of a public hospital by still

in the vicinity or in the estate if you will of a public hospital by still


These commercials, as well as ones for women's sandals and our sport division, supported our many key lifestyle initiatives.

these commercials as well as ones for women's sandals and our sport division supported our many key lifestyle initiatives


but probably, they will take as long as they did last time, and that means that implementation needs to be done

but probably that will take as long as it did last time and that means that implementation needs to be done


and some moderating of the other nonfuel categories as we lap higher growth from fourth quarter of last year.


and it's been necessary to conduct one of the largest and fastest restructures of a continuing operation in the group's history.


This has not been an easy period for them and I am proud of how they've fully embraced the new Endo culture and priorities.

this has not been an easy period for them and i am proud of how they've fully embraced the new endo culture and priorities


As in previous years, the biggest contributor to this margin improvement continues to be category mix management,

as in previous years the biggest contributor to this margin improvement continues to be category mix management


Our exposure to industry segments that have been a concern for many are comparatively low, and the asset quality is good.

our exposure to industry segments that have been of concern for many are comparatively low and the asset quality is good


as you -- as the market figures out how to get more OCC back from the homes,

as you -- as the market figures out how to get more occ back from the homes